11/12/18 was down -0.91 to 60.62 cutting the "Gap" to -3.32 with the TZZs being at a discount to the component. Packers really ran their hogs to market yesterday with packer hogs making up 38.07% of the kill. That is the largest percentage of packer hogs we have seen for a while. It would appear that packers are still behind in their shipments because packer hogs are +2.89# heavier than the non-packer hogs. I don't know whether packers have expanded production or just fallen behind in their shipments. I am suspecting packers have increased their vertical integration and we will see more and more packer hogs in the kill mix on an ongoing basis.

The six-day moving average carcass weight eased to 213.8#. That is +0.50 # yr/yr. Index hogs were also lighter at 212.72#.

The summer futures did not dip enough today for me to re-load my boat.

Best wishes,

dhm